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  3. India’s GDP growth for FY23 was 7.2%, surpassing expectations: CEA

India’s GDP growth for FY23 was 7.2%, surpassing expectations: CEA

13 Jun 2023 Evaluate

Chief Economic Advisor (CEA) to the Government of India, Dr V Anantha Nageswaran has said the real gross domestic product (GDP) growth for the year ending March 2023 (FY23) was 7.2 per cent, which surpassed expectations, as the underlying momentum in the economy was quite strong. He said while goods exports were on the weaker side in FY23 due to the war in Ukraine and oil price rise, services exports did very well for the country. He pointed out that the data shows that India's 4th quarter GDP of 6.1 per cent was actually much better than several other countries at this point.

The CEA acknowledged that merchandise export growth was something which needed continued efforts to maintain in order to keep India’s market share or gain the market share. He said ‘That's where the industry has to invest in R&D, has to do better marketing etc and diversify our product range and focus on quality. It's going to be a hard grind for the rest of the decade because global growth is not going to be very strong in the rest of the decade but services sector growth is surprisingly doing well for us because many companies now rely on India not only for IT enabled services, but others as well.’

Besides, talking about the wholesale price index's deduction, he said it was not a drawback nor a drag on growth but it is actually going to lower input cost for our businesses as well. He stated ‘The Wholesale price index is coming down because of the slowdown in oil prices and the slowdown in food prices and in fact it is now negative. So people think when the wholesale prices come down, it may lead to a slowdown in GDP growth. Yes. We are expecting 6.5 per cent GDP growth which is lower than last year's 7.2 per cent. But that is the trend growth that India will continue to achieve. In fact this number can be higher if the export sector also performs, but that is going to be a challenge.’


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